Moerdyk & Co. is considering Projects S and L, whose cash flows are shown below. These projects are mutually exclusive, equally risky, and not repeatable. If the decision is made by choosing the project with the higher IRR, how much value will be forgone? Note that under certain conditions choosing projects on the basis of the IRR will not cause any value to be lost because the one with the higher IRR will also have the higher NPV, i.e., no conflict will exist. 
Definitions:
Data Tables
Structures in software and databases designed to organize, store, and manage data in rows and columns for easy retrieval and analysis.
TIMEVALUE Function
A function in spreadsheet software that converts a time in the form of text to a serial number representing the time in the software's date-time code.
TODAY() Function
A programming and spreadsheet function that returns the current date, widely used in data analysis, time-sensitive calculations, and reporting.
MROUND
A function in Excel that rounds a number to the nearest multiple of a specified value.
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